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- Ten Years Ago today, May 27, 2002: QPR Exit Administration - and
entered the era of the ABC Loan, with fans wondering why the club had
left Administration with a ten million pound debt. Not to mention, fans
wondering exactly WHO was behind the ABC Loan.

BBC/Dave McIntyre Monday, 27 May, 2002 - Survival boost for QPR- Second Division QPR have been taken out of administration.The administration order was lifted following a hearing at the High Court on Monday.-
Former chairman Chris Wright took a substantial write-off on his loans
and handed back a large part of his shareholding in the club a few weeks
ago.We have faced some javascript:void(0)tough decisions and learned some hard lessonsDavid Davies QPR chief executiveHis decision helped enable the repayment of debts to all the Loftus Road club's creditors.Loftus
Road chief executive David Davies said in a statement: "This is
wonderful news and the conclusion of one of the darkest periods in our
history."We have faced some tough decisions and learned some hard lessons."These are lessons which many clubs are now having to learn."We will come out of this experience in a much stronger position.Wright retains stake"Gone are the days when players will be paid excessive wages."When we first went into administration, QPR was highlighted as being run on the economics of a madhouse."What we have done is bring some sanity to the club."Wright, the main creditor as well as owner, agreed to accept half of the £6.7m he was owed.But he has retained a 25% stake in the company as well as ownership of the club's training ground.Rangers failed to get out of the First Division despite a massive investment resulting from a floatation in the summer of 1996.They were hard hit the money from 'parachute' payments given to relegated clubs ran out.With
a wage bill already far too big for the First Division the club dropped
into Division Two last year and in April 2001 administrators BDO Stoy
Hayward were called in.Transfer embargo liftedBut as many clubs struggle following the collapse of ITV Digital, QPR find themselves in a strong position.They have not budgeted for television money and have slashed their wage bill.It has been an awful period for QPR but I'm calling us 'the orange club', because the future is brightIan HollowayQPR managerCurrent
manager Ian Holloway also has highly-rated players in his squad such as
Richard Langley, Clarke Carlisle, Terrell Forbes and Dan Shittu.Holloway said: "QPR were the first into the tunnel and are coming out of it just as everyone else is going in."There must be a lot of worried clubs but we have learned hard lessons and now we are on solid ground at last."It has been an awful period for QPR but I'm calling us 'the orange club', because the future is bright."Holloway
will now be looking to add to his squad having been restricted by a
transfer embargo, which will be lifted with immediate effect after the
club was taken out of administration. BBC

Bucks Free Press - May 31, 2002 On QPR Out of Administration.-
QPR on road to cash recovery QPR or to be strictly accurate, parent
company Loftus Road plc are out of administration following a High Court
ruling on Monday.The plc and QPR went into administration in April
2001, but following a refinancing package finalised by the directors
last week, the company has been able to pay off its creditors.Chief
executive David Davies said: "This is wonderful news and the conclusion
of one of the darkest periods of our history. Having the administration
order lifted marks the end of more than a year of tough financial
decisions and hard work."This would not have been possible were it
not for the commitment of coaches, players and backroom staff and the
hard work of our administrators."Mr Davies said, however, that one
of the major factors in pulling the club back from the brink had been
the supporters: "None it would have been possible without the support of
the QPR fans. After seeing the club placed in administration, relegated
and then lose more than half of our squad, they stuck by us in record
numbers and continue to do so."He went on to say that he felt the
hard lessons learned would benefit the club in the future - "gone are
the days when players will be paid excessive wages" - at a time when
many clubs are on the verge of calling in the administrators. In the
past, QPR had been highlighted as being run "on the economics of the
madhouse."But Mr Davies warned that although coming out of
administration was a major step forward, much remained to be done on and
off the field, although he was optimistic that the hard work of manager
Ian Holloway and others would bear fruit."We don't suddenly have a
magic wand to wave and make everything better. We are not suddenly flush
with cash. With hard work and passion, we will improve this club but by
bit and season by season."Ian Holloway has restored pride to the
team and brought together a hungry and talented bunch of players. With
the handcuffs of administration finally removed, we can start to build a
solid future for QPR." Bucks Free Press

May 30, 2002 - BBC - May 30, 2002 - Blackburn takes charge at QPR- Nick Blackburn has been installed as the new chairman of QPR, following the club's exit from administration last week.Blackburn was vice-chairman to Chris Wright, and then acting chairman following Wright's resignation last year.Rangers
chief executive David Davies had been strongly tipped to take on the
role of chairman, having helped steer the club through its crisis
period.However, Davies will be staying in his current job, while
director Ross Jones has taken over as chairman of parent company Loftus
Road plc. BBC

Bucks Free Press- May 31, 2002: QPR Get out of Administration having take on the 10 Million Pound loan from the "mysterious" ABC Corporation.

QPR on road to cash recovery QPR or to be strictly accurate, parent company Loftus Road plc are out of administration following a High Court ruling on Monday.
The plc and QPR went into administration in April 2001, but following a refinancing package finalised by the directors last week, the company has been able to pay off its creditors.
Chief executive David Davies said: "This is wonderful news and the conclusion of one of the darkest periods of our history. Having the administration order lifted marks the end of more than a year of tough financial decisions and hard work.
"This would not have been possible were it not for the commitment of coaches, players and backroom staff and the hard work of our administrators."
Mr Davies said, however, that one of the major factors in pulling the club back from the brink had been the supporters: "None it would have been possible without the support of the QPR fans. After seeing the club placed in administration, relegated and then lose more than half of our squad, they stuck by us in record numbers and continue to do so."
He went on to say that he felt the hard lessons learned would benefit the club in the future - "gone are the days when players will be paid excessive wages" - at a time when many clubs are on the verge of calling in the administrators. In the past, QPR had been highlighted as being run "on the economics of the madhouse."
But Mr Davies warned that although coming out of administration was a major step forward, much remained to be done on and off the field, although he was optimistic that the hard work of manager Ian Holloway and others would bear fruit.
"We don't suddenly have a magic wand to wave and make everything better. We are not suddenly flush with cash. With hard work and passion, we will improve this club but by bit and season by season.
"Ian Holloway has restored pride to the team and brought together a hungry and talented bunch of players. With the handcuffs of administration finally removed, we can start to build a solid future for QPR." Bucks Free Press

- QPR Report Flashback: QPR Go Into Administration

Friday, 2 February, 2001, Wright steps down at Loftus Road

Chris Wright is to quit as chairman of First Division strugglers QPR following a clash with the club's fans.
The multi-millionaire businessman decided to end his four-year reign after supporters tried to storm the directors' box during Wednesday's defeat by London neighbours Fulham.

QPR, managed by Gerry Francis, are currently one place off the foot of Division One.

I made it quite clear that I would only remain as chairman as long as I felt I had the support and confidence of the fans

In a statement, Wright, a life-long QPR fan, said: "When I took over as chairman of QPR in August 1996 immediately following the club's relegation from the Premier League, I made it quite clear that I would only remain as Chairman as long as I felt I had the support and confidence of the fans.

"Following the unsavoury incidents around the directors' box during the match against Fulham on Wednesday evening, it is abundantly clear that time has now arrived.

"I intend therefore to resign as Chairman of both Loftus Road plc and QPR as soon as a replacement can be found."

He added: "I anticipate that the Boards of both Loftus Road and QPR will move quickly to appoint an interim Chairman for both entities until such time as a permanent replacement can be identified.

"I am fully aware that QPR is financially dependent upon the loans that I have put in place to the club and will continue to be dependent on further injections of money to survive for the immediate future.

I have committed close to £20 million to Loftus Road/QPR

Chris Wright
"In order not to jeopardise the club's difficult current situation in terms of its position in the Division One League table, I will continue to provide whatever financial support is necessary until the company identifies my ultimate long-term successor with the ability to take over that responsibility even if such individual does not come on board before the end of the current season.

"To date, I have committed close to £20 million to Loftus Road/QPR, at a point in time when changes in my personal circumstances have had a seriously adverse effect on my ability to secure liquid cash.

"I am aware that this may be significantly less than the funds available to one or two of the other clubs in Division One, but it is quite frankly as much as I have been able to secure." BBC

BBC Monday, 2 April, 2001, - QPR put into administration

Troubled Queens Park Rangers plight worsened when the club were put into administration on Monday.
A statement on the club's website read: "The decision has not been taken lightly and is a direct result of the losses incurred by the Group, currently running at £570,000 per month, over a sustained period of time."

The club is owned by Loftus Road plc and shares in the company have been suspended.

This move comes after chairman Chris Wright failed to find a buyer for the club.

Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible

QPR chairman Chris Wright
Wright was believed to be in discussions with former director Andrew Ellis, but those talks seem to have broken down.

QPR share their Loftus Road ground with Wasps and Wright says he will continue to finance the day-to-day running fo the club until the end of the season.

The London club's problems could further deteriorate if they lose their battle against relegation.

Wright said: "It is a very sad day for everyone involved in Loftus Road.

"The last six months have been a real struggle financially and although my intention was to secure a sale to the right buyer before having to take this decision, it has not been forthcoming.

"I will continue to fund the day to day running of the Group until the end of the season and help to find a purchaser for QPR and Wasps.

"Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible, at least in the short term, and will in fact make the longer term more viable." BBC

BBC -Tuesday, 3 April, 2001, - Rangers safe, say administrators

The newly-appointed administrators of Queens Park Rangers have insisted the First Division club's future is not under threat.
Ray Hocking and Simon Michaels, of BDO Stoy Hayward Business Recovery Services, have been appointed joint administrators to holding company Loftus Road plc and their wholly-owned subsidiary QPR.

The administration was applied for by directors of Loftus Road plc as the best course of action for their long-term survival. The company have amassed debts of up to £11m.

"I don't see it as an existence-threatening position. I see it as a necessary step to ensure in the future there will be a Queens Park Rangers," said Hocking.

"Our priority is to secure a buyer for the company and the club and to ensure that creditors receive their monies."

There's no panic to dispose of this in the next few days or the next few weeks

Ray Hocking, QPR administrator
Chris Wright, majority shareholder and chairman of Loftus Road plc, will continue to fund the club and Hocking confirmed that rugby union club Wasps - another subsidiary of Loftus Road plc - has not been put into administration.

Hocking insisted he was in no rush to find a buyer for the company and the club and said: "It could take a couple of weeks and it could take a season or more. It really does depend on who comes along.

"We will wait until we get the right offer. There's no panic to dispose of this in the next few days or the next few weeks. We are looking at a long-term survival programme here, not a quick fix."

Hocking also stressed the club's assets were worth more than their liabilities. "The club owns its ground and its training ground and they are worth considerable sums of money," he said.

I think it's fair to say that the atmosphere among the players is pretty good

David Davies, chief executive of Loftus Road plc
"Any offers that include those have got to be considerable. We have got to be looking well above the £15-20m mark."

David Davies, the newly-appointed chief executive of Loftus Road plc, said the players, currently battling against relegation, remained positive.

"I think it's fair to say that the atmosphere among the players is pretty good," he said. " I see it as the beginning of a new era for QPR. BBC
See also QPR 1st from that timehttp://www.qpr1st.co.uk/newspages/may2002.htm [Link not working]

Monday, 2 April, 2001, QPR put into administration

Chris Wright (left) is in negotiations with Andrew Ellis
Troubled Queens Park Rangers plight worsened when the club were put into administration on Monday.
A statement on the club's website read: "The decision has not been taken lightly and is a direct result of the losses incurred by the Group, currently running at £570,000 per month, over a sustained period of time."

The club is owned by Loftus Road plc and shares in the company have been suspended.

This move comes after chairman Chris Wright failed to find a buyer for the club.

Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible
QPR chairman Chris Wright
Wright was believed to be in discussions with former director Andrew Ellis, but those talks seem to have broken down.

QPR share their Loftus Road ground with Wasps and Wright says he will continue to finance the day-to-day running fo the club until the end of the season.

The London club's problems could further deteriorate if they lose their battle against relegation.

Wright said: "It is a very sad day for everyone involved in Loftus Road.

"The last six months have been a real struggle financially and although my intention was to secure a sale to the right buyer before having to take this decision, it has not been forthcoming.

"I will continue to fund the day to day running of the Group until the end of the season and help to find a purchaser for QPR and Wasps.

"Hopefully the day to day impact on the operation of QPR and Wasps as professional sports teams will be negligible, at least in the short term, and will in fact make the longer term more viable." BBC

Some of the Takeover Efforts after Chris Wright ResignedBBC - Monday, 18 March, 2002, QPR bid withdrawnA consortium led by QPR fan Harold Winton have withdrawn their bid to buy the club.The group expected to agree a deal with owner Chris Wright but talks were broken off.Wright had indicated that he was willing to compromise on the debt he is owed by the club and its parent company, Loftus Road PLC.But in a letter to Wright, Winton states: "It appears that you may have had second thoughts on this matter and are now seeking payment in full."It is with much regret that we are withdrawing our bid to acquire QPR FC." BBCBBC - Thursday, 21 March, 2002, Solution in sight for QPRQueens Park Rangers are close to coming out of administration after the Loftus Road board launched their own bid for the club.Board members Ross Jones, Nick Blackburn and David Davies have made an offer to owner Chris Wright in an attempt to acquire Rangers and parent company Loftus Road plc.The move comes after a consortium fronted by Brian Melzack failed to progress with their bid.There are fears the Football League will not allow the club to start next season if it is still in administration. BBCBBC - 20 May, 2002, The Wintons One of the QPR fans that funded Dan Shittu's move to Rangers insists the defender should have been included in Nigeria's World Cup squad instead of Crewe's Efe Sodje.Alex Winton and brother Matt financed the deal that allowed Rangers to sign Shittu and French striker Doudou. ...The Wintons made their own attempt to buy QPR before Loftus Road directors secured a refinancing deal to take the club out of administration.The family are now in talks about joining the new board at Rangers.They are also foundinWe Are QPR plc, a cash-raising venture fans can pay into in order to help fund future signings and player contracts. BBCEARLIER BBC- 4 April, 2001, - New takeover bid for QPRTroubled times at Loftus RoadA city-based consortium has launched a fresh takeover bid for Division One club QPR.A group of eight financiers - comprising fans of both Rangers and sister club London Wasps - have submitted a substantial offer for parent company Loftus Road plc, which went into administration earlier this week.The consortium intend to move Wasps into Rangers' Acton training ground, which the clubs would share. Both teams would continue to play at Loftus Road.Should the bid prove successful, the group are also keen to have supporters of both clubs elected to a new-look board of directors.QPR were put into administration on Monday after plc chairman Chris Wright revealed that the company was losing £570,000 per month. BBCLATER:Wednesday, 12 February, 2003, QPR clinch USA linkQPR have announced details of a link-up with US outfit Milwaukee Wave.The deal, which was agreed in principle in December, follows talks between Rangers chief executive David Davies and Wave supremo Tim Krause.Wave, who are based in Wisconsin, are an indoor soccer side.But they will be fielding a Division Two outdoor team called Milwaukee Wave United in the A-League - the American equivalent of the English First Division - this season.Davies and Kraus were brought together by Brian Melzack, who fronted a consortium that almost took over at Loftus Road last year.The tie-up will initially involve the co-staging of Soccer Schools this summer, while players are likely to be exchanged between the two clubs as part of the arrangement.But the link may not end there.Krause has been approached about investing in QPR.He is one of several parties interested in a block of shares former Rangers chairman Chris Wright agreed to free up when the club came out of administration last year.The shares total around 25% and are also being eyed by an Italian group that has held talks with the club.Other interested parties include another former member of the Melzack consortium, and also local businessman Kevin McGrath, who recently joined the QPR board.BBC

OTHER MATERIAL

-MARK HUGHES HAS FINAL SAY ON JOEY BARTON FATE

MARK HUGHES holds the key to whether Joey Barton is booted out of QPR – and possibly England – without a penny.

The QPR boss will be asked if he wants to keep the problem player, who has been banned for 12 games and fined £75,000 after being sent off at Manchester City on the last day of the Premier League season.

If Hughes gives the thumbs down, Barton faces being shown the exit from Loftus Road after an internal inquiry. A decision is unlikely before next month, even though the club’s wealthy backers are believed to be disgusted by the disgraced star’s conduct.

Under current legislation, Barton, 29, who joined the club on a free transfer from Newcastle last August, is unlikely to be able to claim any compensation if dismissed – or anything else for that matter.

As it stands, the law affords him no legal rights to sue QPR for unfair dismissal because he hasn’t been employed by the club for 12 months. New rules have also increased that qualifying period to two years.

All this means that Barton, who signed a lucrative contract believed to be worth about £11million, would face a massive legal fight to find some technical loophole to salvage anything – if QPR decide to fire him.

It means the maverick midfielder, who joined QPR after a public fallout with the Tyneside club, faces being cast into football’s wilderness.

It is possible that British clubs may not risk signing a player with such a disastrous disciplinary record, one who the former England manager Fabio Capello described as “too dangerous” to consider for national team selection.

That would leave the seemingly unrepentant Barton, who turns 30 in September, with little option but to try his luck abroad.

His most likely destination would be Qatar, where his record would give him some novelty value – even if only for a short period.

Queens Park Rangers confirmed that a full internal inquiry into Barton’s sending-off and subsequent incidents at Manchester City is under way.

The QPR midfielder will not appeal against the decision by an independent regulatory commission last Wednesday to suspend him for an extra eight games on top of the automatic four-match ban.

Barton and his team are fully co-operating with the club in their internal investigation, which is expected to last for at least two weeks.
http://www.express.co.uk/posts/view/322789/Mark-Hughes-has-final-say-on-Joey-Barton-fate-

When he was in charge at Newcastle, Big Sam signed him from Manchester City for £5.8million.

Most believe Barton is not worth the aggravation or money but Allardyce remains convinced he can handle one of football’s most controversial characters and get the best out of him.

Yet history suggests the east Londoners, who would hand Barton a two-year contract worth £40,000-a-week, will be taking a massive gamble – even if he is a free transfer.

For no matter where he has played down the years, Barton’s career has been littered with unsavoury moments.

At Man City, the Merseysider was involved in a string of off-the-field clashes with his team-mates, which included stubbing out a cigar in a youth team player’s eye.

But it was during his time at Newcastle that Barton hit rock- bottom. He was sentenced to six months in jail in May 2008 after pleading guilty to an assault in Liverpool city centre the previous Christmas.

That crime list, however, does not appear to worry Allardyce, who is desperate to boost his squad following last weekend’s play-off final win over Blackpool.

Another player on the Hammers wanted list is West Brom contract rebel Jonas Olsson, who is refusing to sign a new deal at The Hawthorns.

Allardyce has been monitoring the Sweden defender for a number of weeks and plans a £3m raid once the summer window officially opens.

Everton and Aston Villa, who had a £5m bid rejected in January, are interested too but Olsson, 29, is believed to favour a move to the capital.

With just 12 months left on his contract, the ex-NEC Nijmegen star knows the Baggies will have to sell him now rather than see him leave for nothing at the end of next season.

Published: 26th May 2012I NEVER rated Joey Barton that highly as a player. I played against him when he was younger and he never stood out for me.=

Since then, I have never seen him dominate a game — or be the difference between two sides.

And because his footballing ability is never going to get the headlines, he seems determined to get attention by whatever means necessary.

He seems to thrive off people having a go at him and then having a pop back.

Maybe I should open a Twitter account to keep him happy.

But after landing a 12-match ban for his carry-on at Manchester City on the final day of the season, rather than just lashing out at anyone who criticises him, maybe he should consider keeping quiet and going about his business.

Because the reality is that he has become a liability for QPR.

No manager expects to have a dressing room full of angels and you will allow players to get away with indiscretions if they deliver on the park.

I got myself into a few scrapes when I was at Manchester United but when it happened I played a guilt trip on myself. I was saying, ‘Bloody hell, I better play well and make sure we win a trophy.’

I felt like I had to make up for it and obviously Alex Ferguson took the view that whatever I might have done, it was still worth having me — and it was the same with Eric Cantona.

But would a manager take the same view with Barton? Is he really worth having at your club if he is going to cause nothing but trouble?

That’s what Mark Hughes must be thinking right now.

When Sparky took over at QPR in January, Barton missed his first two games in charge because he had been sent off for head-butting Bradley Johnson. Now he is going to miss the first 12 matches of next season because of what he did at the Etihad Stadium.

Some people reckon he has been hard done by. I disagree. I know from experience that if you are charged by the FA then you’re in for it.

Barton was guilty of three sending-off offences in quick succession at City. He had five previous red cards in his career. They were always going to throw the book at him. And I didn’t think much of his mealy-mouthed apology either.

He said at the time: “I apologise to everyone offended by it. If that’s not enough for some, so be it. Life’s too short.”

That’s not sincere, there’s no remorse. If you want people to forgive you, you don’t just say, ‘I’m sorry, like it or lump it’.

It’s not like the first time he has stepped out of line but there’s no indication that he’s willing or able to change.

I’m all for people getting second chances but how many chances does one person need?

The thing is, it’s not as easy as saying QPR should get rid of him.

He’s got three years to go on a contract worth £70,000. Who is going to take him?

QPR might have reckoned they were doing good business when they signed him on a Bosman transfer last summer — but there was a reason why Newcastle let him go on a free.

He did OK at Newcastle but they came to the conclusion that they were better off without him and, as it turned out, it looks like they were.

For QPR, it’s a little different. Barton had 12 months to go on his contract when Newcastle decided to cut their losses.

Do QPR decide to just take a hit of £11million and let him go as well?

That’s an awful lot of money to pour down the drain.

If it turns out they are willing to take such a gigantic hit, Barton will know just how big a liability he has become.

He might find someone else willing to give him another chance... but he is going to run out of them pretty soon The Sun.